CleanFUEL USA, a manufacturer of alternative fuel equipment for propane autogas, announced that it has filed for Chapter 11 bankruptcy to seek the restructure of its debts.
by Staff
April 6, 2016
Photo courtesy of CleanFUEL USA.
1 min to read
Photo courtesy of CleanFUEL USA.
CleanFUEL USA, a manufacturer of alternative fuel equipment for propane autogas, announced that it has filed for Chapter 11 bankruptcy to seek the restructure of its debts.
CleanFuel USA also expects to obtain debtor-in-possession (DIP) financing for an orderly reorganization. Subject to court approval, the DIP financing, along with the company’s cash from operations, is expected to provide sufficient liquidity to allow continued operations during the Chapter 11 process.
Ad Loading...
“We are taking this action so we can continue to strengthen and adapt our business to meet the changing dynamics in the alternative fuel industry,” said Curtis Donaldson, the founder and president of CleanFUEL USA. “We intend to use the Chapter 11 process to reorganize our financial and operational structure, and position the company for the future.”
During the restructuring process, the company plans to operate its business as usual, fulfilling customer orders, paying vendors, and offering the same services.
Fleet managers are done with the debate—and focused on execution. Learn how to build a practical electrification strategy that aligns infrastructure, operations, and financing while keeping costs controlled and deployment scalable with support from Blink Charging. Discover how smart planning today positions fleets for long-term performance and ROI.
New industry group data revealed that light-duty electric vehicle sales are hitting record market share and volumes, while commercial EV volume dipped. What’s driving the fluctuations?
For fleet managers, fuel is one of the biggest line items in the budget — and it's one hybrids can shrink without changing how your people work. Download the eBook to see the numbers, understand the technology, and get a step-by-step guide to making the switch.
With the expiration of federal incentives, EV success now hinges less on government policy and more on discounts, battery tech progress, increased range, and broader infrastructure.
Fleet operators shared their challenges during an annual conference that embraced the latest advances across all aspects of running private- and public-sector vehicles.
